Question: A contract has promised to pay you $ 5 , 5 0 0 at the end of this year. This amount will be invested in

A contract has promised to pay you $5,500 at the end of this year. This amount will be invested in an investment at that time. This investment would earn 8% return compounded yearly. You have estimated that you would need $100,000 sometime in future to pay for the down payment of the house you plan to buy. How many years you will need to wait, starting from today, till you accumulate enough money to pay for down payment?
29.92 years
37.69 years
37.57 years
38.69 years
30.92 years
 A contract has promised to pay you $5,500 at the end

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